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The Triage of Collecting
Brennan & Clark defines 'collection triage' as the evaluation and classification of collection accounts to optimize recovery efforts. It categorizes accounts into immediate, delayed, and DOA (dead on arrival) based on the availability of contact information for debtors. The goal is to utilize an effective action plan to maximize recovery on delinquent accounts while providing tailored receivable support solutions.
The Triage of Collecting
- 1. Brennan & Clark The Triage of Collecting
- 2. Definition • Brennan &Clark defines “Collection Triage” as follows: The evaluation and classification of collection accounts for purposes of recovery. It consists of the immediate sorting of accounts to establish an action plan that assures our customers the greatest possible recovery on their delinquent accounts.
- 3. Collection Triage DOA Delayed Immediate
- 4. Collection Categories • Immediate - used to describe those collection accounts that are in business with valid phone numbers. • Delayed - used to describe those accounts where further skip tracing is required to find an alternate phone number or point of contact for the debtor/debtor company. • DOA - used to describe those accounts that have no working phone number and are out of business.
- 5. Immediate Collections • » » » » » » » » » » » » » » » » » » » » »
- 6. Delayed Collections Claims received locate phone # locate fax # confirm legal entity obtain match for address or obtain through batch process to SOS to name through batch internal system obtain officer info system personal verification follow up on of info potential leads to collection cycle asset search judgment professional search skip to collector for follow-up
- 7. DOA Collections • Once an account has gone through the skip tracing cycle and there is still no valid contact information it is determined to be uncollectable. • This decision is made only after we verify that there is no address or phone number for the debtor/debtor company.
- 8. Br e nnan & Clar k , Ltd 721 E. Madison St. Villa Park, IL 60181 800-858-7600 www.brennanclark.com Our mission is to rise Beyond Collections by providing customized receivable support solutions that eliminate credit losses.